Overview of This Study:

This study involved four major activities for estimating the current size of the global respiratory care devices market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.

Expected Growth in Revenue:

The respiratory care devices market is expected to reach USD 29.9 billion by 2025 from USD 16.0 billion in 2019, at a CAGR of -12.5% during the forecast period of 2020 to 2025. Due to the outbreak of corona virus globally, there is a sudden rise in the demand for respiratory care devices. Thus, the respiratory care devices market witnessed a CAGR of 261.1% between 2019 and 2020. In 2020, respiratory care devices market reached to USD 58.1 billion.

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Major Growth Boosting Factors:

The growth of this market is mainly attributed to the high prevalence of respiratory diseases, rising aging population across the globe, high prevalence of smoking, rising urbanization and pollution levels, increasing incidence of preterm births, and lifestyle changes. However, a lack of awareness—leading to a large underdiagnosed and undertreated population—and the harmful effects of certain respiratory care devices on neonates have hampered market growth to an extent.

COVID-19 Impact on the Global Respiratory Care Devices Market

The COVID-19 outbreak in Wuhan, China, led to the rapid establishment of several hospitals for treating the increasing number of patients. This has been mirrored in other countries as well—Italy and the US also built large hospitals within days to accommodate a growing patient population. In New York, US, the army converted the Javits convention center into a 2,900-bed hospital within four days. Critical care devices are being manufactured in increased quantities to meet growing demand. The state of affairs resulting from the pandemic has resulted in alliances between healthcare and non-healthcare industries to manufacture respiratory care devices.

Opportunities: Growing demand for home care therapeutic devices

The rapid growth in the global geriatric population, rising incidence of chronic diseases (including COPD and asthma), and the cost advantages of home care devices and services (compared to hospital visits) are the key factors driving the growth of the home healthcare market. The high growth potential in emerging markets, healthcare decentralization, and the evolution of miniaturized devices are some of the major factors that are expected to provide significant growth opportunities to players operating in the respiratory home healthcare market.

Owing to the rising healthcare costs, a large number of patients suffering from chronic respiratory diseases prefer to undergo treatments in home care settings. This trend is expected to increase the demand for products such as nebulizers, ventilators, and CPAP devices, as they are used by patients to treat, diagnose, and monitor a variety of respiratory diseases in home care settings.

Hospitals are the largest end users of respiratory care devices

Based on end user, the respiratory care devices market is segmented into broadly categorized into three major end-user segments—hospitals, home care settings, and ambulatory care centers. In 2019, hospitals accounted for the largest market share. Growing public-private partnerships to improve access to healthcare services along with rapid developments in healthcare infrastructure and improving access to healthcare services are expected to be the key factors driving the growth of the respiratory care devices market for hospitals in emerging economies in the coming years.

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Asia Pacific market to witness the highest growth during the forecast period

The respiratory market is divided into five regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. These regions are further analyzed at the country levels. North America held the largest share of the respiratory care devices market in 2019, followed by Europe and the Asia Pacific. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, due to due to the presence of a large pool of respiratory patients, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising per capita income, growing middle-class population, and growing prevalence of tobacco smoking in this region. Also, APAC is becoming a medical tourism hub and is considered as one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries, particularly India and China.

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